HMRC has released figures that show they are on track to collect record inheritance tax (IHT) receipts this year. Already:
This is because all inheritance tax free allowances have been frozen until April 2028.
This is a tough one to swallow. You get taxed when you earn money, you get taxed when you make money and the net wealth that you then build up gets taxed on death. Given frozen allowances, we all need to start to plan for estate and inheritance taxes well ahead. Alternatively, you may as well leave your Will with the unwritten legacy clause “I leave 40% of all my residue estate and wealth to HMRC”. There are many ways to plan for and save inheritance tax.
Read: 13 Ways to Reduce Inheritance Taxes IHT Reduce